The full form of ICICI is Credit and Investment Corporation of India.
ICICI: Credit and Investment Corporation of India
ICICI Bank, a leading private sector bank in India. It is headquartered at Mumbai, Maharashtra, India. It offers Netbanking services & Personal banking services for corporate and retail customers through Accounts & Deposits, Cards, Loans, Insurance & Investment products to meet your banking needs.
In 2002, ICICI Bank and its parent firm merged to form ICICI Bank. After the merger, ICICI became ICICI Bank, hence it is now called ICICI Bank. It has a presence in 17 countries. In India, ICICI Bank development finance institution has a network of 15,589 ATMs and 5,275 branches.
History of ICICI
- In 1955, ICICI (Industrial Credit and Investment Corporation of India) was established on 5 January 1955. ICICI Ltd. elected its first Chairman as Sir Arcot Ramasamy Mudaliar
- In 1994, through the foundation of ICICI Bank as its financial branch, ICICI entered the financial industry.
- In 1998, ICICI Bank was the first bank to launch internet banking in India.
- The New York Stock Exchange first mentioned it in 1999, making it the first Indian bank to do so.
In 2001, ICICI bought Bank of Madura founded in 1943.
- The bank directors approved the parent company’s backward merger into the ICICI Bank subsidiary in 2002.
- In 2003, ICICI Bank opened branches in Singapore, the UK, and Canada. Additionally, it opened representative bank branches in Shanghai and Dubai.
- In order to participate in the extensive banking sector of both South Africa and Bangladesh, it opened an office there in 2004.
- In 2005, ICICI Bank acquired IKB (Investitsionno-Kreditny Bank), a Russian affiliate, and renamed it ICICI Bank Eurasia. In the same year, it also opened branches in Dubai & Hong Kong.
- In 2006, it opened branches in Antwerp, Belgium, and Jakarta, Thailand, and Kuala Lumpur, Malaysia.
Sangli Bank was founded in 2007 and has 158 subsidiaries in Maharashtra and 31 offices in Karnataka.
- In 2008, with the US Federal Reserve’s blessing, it changed its New York branch into an ICICI Bank branch. The same year, a branch office was established in Frankfurt.
- In 2013, it became the first bank in the private sector to operate an ATM-equipped mobile branch in Maharashtra.
- As of 2014, it was India’s second-largest bank in terms of assets. Both business and retail customers of the bank have access to a broad range of banking products and services.
- The board of directors of ICICI Bank Ltd. approved a Rs 1,000 crore investment in Yes Bank Ltd. in March 2020. Due to this investment, ICICI Bank Limited now owns more than 5% of Yes Bank’s stock.
ICICI Bank Product and Services
A few of ICICI bank’s standard products and services are given below.
- Loans include personal, 2-wheeler, Auto and home loans.
- Cards include a business card, credit and debit card.
- Investments from mutual funds, PPF and tax strategies.
- Deposit schemes include RD (Recurring Deposit) and FD (Fixed Deposit) Schemes.
- Insurance includes general, health, and life insurance
- Business banking contains a wide variety of items for mobile banking, current account, and internet banking.